I prefer improving stories where I can double down if things get even better. I tend to try to empathize with the executives that we're working with and try to think about what they're thinking about and maybe ask good questions. Surgical Oncology, Urology 310-854-9898 Fax: 310-854-0267. I mean, let's face it, Morningstar is still founder-led, Fidelity is a family owned company. Important legal information about the email you will be sending. She had some amateur wins of note in the 1940s, and played LPGA events into the 1970s. . Maybe it's growing faster than people think. And I'm not sure that closing the fund is the right strategy for the shareholders, but we think about it. Do you have kind of a too hard pile--either types of companies or maybe industries that you just say, This has not historically worked out well for me. [2] Contents 1 Education and early career 2 Fidelity Contrafund 3 See also 4 References Education and early career [ edit] Sign In. William Danoff is currently vice president at Fidelity Investments. And then hopefully, in six or nine months, we'll be able to follow up and say, How's it going? or at the end of the year, say, how did you do and what else are you going to change?, Thats just the way life is--you got to keep moving forward, and do the best you can, but I personally like to interact with management teams, and I owe it to my own shareholders to say every day I'm coming to work, I'm looking for new ideas. But there's no question that if you put it in the lens of working for your shareholders and doing what's right for the fund shareholders, you're probably going to be working harder and hanging out in the zeitgeist a lot less. But I would say the real key to finding when to sell is when you're looking for new ideas and when you find a better idea. Owen Danoff was born on 3 November, 1989 in Washington, D.C., United States. But you and your listeners--you're sophisticated investors. Learn How rich is He in this year and how He spends money? During his ne.- Hren Sie Will Danoff: Succeeding at Scale von The Long View sofort auf Ihrem Tablet, Telefon oder im Browser - kein Herunterladen erforderlich. A lot depends on how the markets go. And I think that probably partly explains why I haven't been as active on social media. I want to make sure the research department knows I care about the stock. So that's the other reason why I spend a lot of time going to these meetings. And I would say, often because Joel and I and all the other fund managers started as Fidelity research analysts, when a new analyst arrives, they usually show up at my office with a list, and say I'm the new railroad analyst. He graduated from YALE UNIVERSITY in 1963. TOP 2.5%. And the entrepreneur and founder is able to build a team, and I think before it's all over, maybe it will be wise to wait until the company is public. They hand off responsibility for security research and talking to management. And I'm constantly looking for better ideas. Will runs a number of Fidelity equity strategies, best known of which is Fidelity Contrafund, a mutual fund he has been managing since September 1990. And other investors may say, I'd want to crack the whip and push management faster or harder. That tends not to be what I do. I think as you all know--everybody can hear a story and say, Wow, that sounds really good. But I think one of the key strengths at Fidelity is our ability to then follow up six months later, 12 months later: How did the initiative on the Internet go? The managers are less experienced, but everyone has to hustle. You may have a gain or loss when you sell your shares. Growth of $10,000 invested in Contrafund versus S&P 500 Index, September 17, 1990 to December 31, 2022. Will joined Fidelity as an equity research analyst in 1986 after graduating from the Wharton School of the University of Pennsylvania. Please see additional standard performance information. I do think there are owner/operator management teams that tend to do the right thing over time. So, it's a little easier. But I can assure you nowadays, I would have at least skimmed the prospectus to know what the company did. We so appreciate the time and insights you've shared with us and our listeners today. Age, Biography and Wiki. An error has occurred, please try again later. So, I think, for me, one of the advantages over time is to be able to think long term and to try to think about what's on the minds of the executives on the other side of the table. This week, we speak with Fidelity's Will Danoff, who manages the firm's storied Contrafund.The large-cap growth fund has $139 billion in assets under management. Discover Owen Danoff's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. Scientific Name: Nymphaea Odorata Ait. What are they going to be doing? But how often, if ever, do you get involved with giving management your opinion about what you think they ought to do? He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. Sep.18 -- Will Danoff, Fidelity Contrafund Manager spoke Exclusively with Bloomberg's Erik Schatzker about investing in post-pandemic and how he's managed to. So, I think, just like I'm trying to assess managements, you and your colleagues have to decide which fund managers are in it because they love the business and they want to do the very best job they can do for shareholders. And again, I referenced low interest rates. And often, it's really just, Is this company going to be bigger and better and stronger five years from now than it is today? Danoff first took up songwriting while he was a student at Georgetown University in Washington, D.C. There are always reasons to worry. Again, I tend to want to invest with managements who I think are going to do the right thing over time, but there's a lot of trust there. (2008) and Bloodrunners (2017). A native of Long Island, Dr. Danoff graduated from the University of Pennsylvania School of Engineering and Applied Sciences with a degree in biomedical engineering. I feel really lucky to be here. This would be through my 401k, so all tax deferred. But can you provide any more color on why you continue to be so involved in those meetings? And, as you know, there were constraints on when you can book and only one class and no free food and all that stuff. And also, I think at Fidelity, we got a great team. So, I said, Well, what's your strategy to grow your company in the next three to five years?, And I think that's a legitimate question to ask. How has that changed in the last few decades in which you've been running money? Will Danoff32 years 9/17/1990-12/31/2022 On average, the Fidelity Contrafund has beaten the S&P 500 Index by 2.31% per year. But I have experience. The value of the fund's domestic and foreign investments will vary from day to day in response to many factors. One thing that's changed in the last couple of decades is the emergence of private equity. E. rosea has become invasive and has exerted a major ecological impact on the native Hawaiian snail fauna. But again, circle of competence to me means you know your companies well, but you also know certain sectors particularly well. The Fidelity Contrafund is a large-cap growth fund with $139 billion in . And again, experience plays a role here. And I was lucky enough to start at Fidelity and work with Peter Lynch and some of the other great fund managers here, Bruce Johnstone and George Vanderheiden. For Canadian investors, Will and Joel co-manage Fidelity Global Growth and Value Class. When you look back over a 20-year time horizon, you just see a pattern that you want to replicate going forward. Show The Long View, Ep Will Danoff: Succeeding at Scale - Jan 29, 2020 Fidelity Contrafund's longtime star manager on why he runs money, how his definition of "edge" has evolved, the best way to engage with analysts and company management, and more. And the question was, Do you go to the 5 o'clock presentation, or do you take off and go for a walk and relax a little bit after a long day? I don't whip the fund around. He's beat the S&P 500 300 basis points. Will Danoff and Joel Tillinghast are veteran portfolio managers with different investment styles. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. Life: Fidelity Contrafund 12.19%, S&P 500 Index not applicable. Or there's a better mousetrap that comes out of the competitive set that hurts you a lot. And then I went to Dreamforce, which is Salesforce.com's user conference out in San Francisco. Danoff: Yeah, that's a really good question, Christine. WATCH: Will Danoff, who as manager of Fidelity's Contrafund has beaten the S&P 500 for three decades, makes the case for active . He subsequently . So that'swhatever--coming up on 16 years, and I don't know, maybe 10 years ago, we decided that we needed to visit Mountain View more regularly and asked for visits with somebody other than just the CFO. Consult an attorney, tax professional, or other advisor regarding your specific legal or tax situation. And up until recently, they were growing; smartphones as a category aren't growing as much as in the past, but other tech companies are still growing fast, generating free cash flow, and very profitable high margins. 30 years of managing Fidelity Contrafund. And I'd say try and stay optimistic. Dr. Danoff has a research interest in outpatient joint replacement, rapid recovery protocols and multimodal pain regimens to decrease postoperative pain. So, I think partly every investor has to play to their strengths, and Fidelity and other big institutional investors have a huge opportunity because these management teams are willing to talk to us and visit us. Seems like, maybe that's a conscious choice you've made in how it is you're going to spend your time and focus as a portfolio manager. Ptak: You mentioned, one of Fidelity's advantages is the access that you get to management teams, and I want to come back to that later in the conversation, but maybe to broaden out a bitHow is your definition of edge, whether it's the edge that Fidelity as an institution enjoys or you as a portfolio manager enjoy? During his nearly three-decade tenure at Contrafund, Will has trounced the market indexes and, even more remarkably, managed to maintain the fund's performance at scale. [1] At US $129 billion, Contrafund is the largest actively managed stock or bond mutual fund run by one person.[2]. Jeff Ptak is an employee of Morningstar Research Services LLC. Danoff has a degree in history from Harvard and an MBA from Wharton. Will Danoff, portfolio manager of Fidelity's Contrafund (FCNTX), is arguably a more impressive investor than Peter Lynch. So, margins for the S&P 500--both operating margins and free cash flow margins--have improved nicely in the last 15 years. So, in terms of portfolio construction, in the last 30 years, I've taken bigger bets. The first is, I was just curious how you think about the path to outperformance, whether you're conscious of the need to produce a few, call them supercompounders. And in talking to company management--what do you think you get from that experience? And I hope everybody has a great year. Are you content to really to try to hit for average, come what may? Los Angeles 8635 W 3rd St Los Angeles, CA. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. Often, that executive will figure out what they want to do for six months. Mistakes are made, but I think that's the other advantage I have at Fidelity where we have a lot of young analysts and associates who are more open to new ideas. Copyright 2023 Morningstar, Inc. All rights reserved. Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions. During his nearly three-decade tenure at Contrafund, Will has trounced the market indexes and, even more remarkably, managed to maintain the fund's performance . Danoff: That's a really good question, Christine. William Danoff is the single manager of the Fidelity Investments' flagship mutual fund Contrafund. So therefore, you are trusting management teams and experts in certain industries to guide you, and hopefully I'll understand the financial ramifications if the company is successful, and I can make an assessment if I think the scientists or the technologists are going to be able to execute on their plan, and every industry is a little cyclical. And if you haven't seen it, it's a very good letter. But capacity--you know, I'm my degree of difficulty is harder than a smaller fund. Until next time, thanks for joining us. Prior to becoming a portfolio manager, Will served as a retail analyst at Fidelity and for a time as assistant portfolio manager at Fidelity Magellan. And there are a lot of really good companies out there, but what I'm trying to do, as we talked about earlier, is find the exceptional companies and trying to bet bigger on the exceptional ones. Will Danoff is one of the best stock investors in the world. S&P 500 So, I remember the early days of companies like Costco, and management has experimented with new ideas, but generally speaking, they're close to their customers, they had a great value proposition. Class: Magnoliopsida. But that's just speculation. Let's say, a 50-basis-point or 100-basis-point bet immediately. Ptak: Bye. And again, it goes back to who you are, and maybe certain money managers have to justify their higher fees by being out there pressing management, but you know, it's a very good point, Christine. Start your review of Dudley S Danoff, MD. We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. In 2015, Danoff's 25-year solo management became an issue of concern as Fidelity had not named a co-manager for Contrafund. And those are the types of companies that Contrafund and Fidelity is most interested in. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917, (Separate multiple email addresses with commas). Do you wait for FDA approval? But, Jeff, we have a lot of great fund managers at Fidelity that have smaller funds. Also learn how He earned most of networth at the age of 60 years old? And hopefully small mid-cap companies can grow into bigger companies. I have to explain that I've become a little stodgy in my old age. Ptak: And so does that tend to be a function of kind of how you would assess opportunity costs associated with entering into a new idea? The market, as you know, has been unbelievably good. And now people have two devices. Danoff: Yeah, no, it's a combination, Jeff. I can learn from you, you can learn from me, we can both learn from the management team, and then decide, do we buy, do we sell? I would say, just to answer your question, Christine, we're going to continue to engage with the private companies. And so that's sort of what I do well, I think, is to try to ask for a call with the management team. You just deal and--we've got a lot of colleagues that I've known for a long time--so, I know their strengths, and I try to learn from my mistakes, but mistakes are part of this business. And they have basically gone from a startup airline in Europe to I think--they're like 25% of all passengers now flying in Europe fly on Ryanair, and they've done a great, great job. You haven't appeared in commercials or written books or taken to Twitter, and you could do any of those things and gain a big following and greater notoriety. Adam Danoff Wiki: Salary, Married, Wedding, Spouse, Family Adam Danoff is an actor and producer, known for Bloodlust Zombies (2011), Punch-Out!! Ptak: Well, I think that we could talk to you and ask questions of you for hours. Through the crises, Danoff has focused on companies led by founders or engaged management that can double earnings over five years, on the theory that stock prices will follow. I'm monitoring my existing ideas, and I'm across the table from decision-makers or other executives saying, What are you doing to strengthen your franchise? Are we going to get sold again to some conglomerate or to some private equity firm?. And I think we've done very well because we're both large consumers of the Fidelity research department's ideas and efforts, but we also work closely to influence the research effort and what stocks the analysts are emphasizing. He's beat large-cap growth by 400 basis points. So, I don't think it's bad that I've increased my weighting in technology and the business models of some of these larger technology companies. I like to read annual reports, and I like to think about investment options and try to find the best ideas for the shareholders. And if it is, I tend to go to a meeting or two--probably go to more meetings--because I say maybe I'll learn something by going to a meeting. We'll widen the aperture, so to speak, and talk about sort of the general theme of focus. You're well known in investing circles. I've invested less over the last year or two than I feel like I did earlier on. Benz: You can follow us on Twitter @Christine_Benz. You do run a lot of money--I think over $100 billion in assets as of last year across the different strategies that you're responsible for, the largest of which is Contrafund. Ami Kuan Danoff has held many leadership roles in finance, including vice president at Putnam Investments, but most recently has dedicated her time to philanthropic endeavors. And that it's really hard to know that you're going to win the hand when everybody only has two cards. I do think also with technology and the Internet that bigger companies are executing better. At the end of his time at Berklee College of Music, he would emerge with a degree in film scoring. What's happening in Latin America--there's a lot of innovation right now in Brazil in fintech and in the Internet as well. During his 32-year manager tenure, the Fidelity Contrafund (FCNTX) has averaged an incredible 12.56% annualized average return, more than 2% greater than the annual returns from the benchmark S&P 500 Index.*. The long view has to be that equities are going to perform better than bonds for the foreseeable future. How good is this management team?. As with any search engine, we ask that you not input personal or account information. But again, its personality in what you do, and Peter Lynch talks about the notion of a poker game. It is a violation of law in some jurisdictions to falsely identify yourself in an email. Learn about Fidelity's active equity exchange-traded funds (ETFs). But privates are, again--if you pick the right entrepreneur and you pick the right opportunity, and you have the expertise-- But they tend to be more time intensive, the companies tend to be less mature, management teams tend to be a little less mature. Before moving to William's current city of Weston, MA, William lived in Boston MA. I mean, you can see Tim Cook giving commencement addresses, you can see Mark Zuckerberg being interviewed, you can see Jeff Bezos being interviewed. And they've grown up with a smartphone in their pocket and can help me understand the trends that are a little more difficult for an older fund manager to appreciate and understand. But I think I can do it. Verify your identity, personalize the content you receive, or create and administer your account. Would I be better off choosing an actively managed fund that had a very well established manager with a long track record, like a will danoff at fidelity vs buying etf or index through my 401k? On average, the Fidelity Contrafund has beaten the S&P 500 Index by 2.31% per year. The band recorded for John Denver's Windsong label. 14. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. And then my second question is how you size positions. I like to call companies. But the ideas of delighting your customer don't go away, whether it's finding a new drug for a rare disease or developing a new software program, either for an enterprise or for a consumer. So, again, when the only part of the company that's growing is the number of shares outstanding, that's a concern, or you know, when losses are growing, that is almost a I don't have time for that we're finding. I am trying to reduce my turnover. He has crossed all the competition over 30 years. How did the new acquisition in Europe go? The doctor practices in an office or specialty that we currently do not survey. So says Will Danoff, manager of Fidelity Investments' $108 billion Contrafund, the biggest actively managed stock or bond mutual fund run by one person. And, again, this is an iterative process. The management teams come to Fidelity or want to call Fidelity when they're embarking on a new strategic direction or after a big strategic move has been made, whether it's a merger and acquisition, or when they appoint a new executive to run the company. Will Danoff, the stock picker behind the $100-billion (U.S.) Fidelity Contrafund - the world's largest actively managed fund run by one person - is now accessible to Canadian investors. I'm considering fcntx- fidelity contra fund- .82 ER. Or do you just keep that to yourself? And I'm aware of the risks of that profile, but at the moment, I think that's the best-selling taste. And when you have a great team, it takes time to work with the team, make sure you're listening to your analysts and associates and other fund managers. But, you know, what we've all learned is we want to make sure that the management team is particularly special. And then they want to talk to the largest shareholders, the potential largest shareholders. No patient rating & comments. So that idea and global markets that enable continued growth--so that's a very sweet combination for shareholders: low capital intensity, high margins, and growth. So, I find that to really engage one as an investor, you need to engage with managements and then also to engage with analysts and other fund managers you have to be an analyst. They made some mistakes and learned from their mistakes. I mean, I was the retail analyst at Fidelity in the mid 80s. But do you wait for good phase 2 data? But everybody worries about everything. So, you sell a little and then you realize you overreacted. Mr. Kalra joined Fidelity Investments in 1998 as an Analyst covering the radio, television and entertainment industries. I think it would be hard if I hadn't grown up with the fund. I'm investing less. Ann Danoff, MD Chief, Medical Service CPL Michael J. Crescenz VA Medical Center Department of Medicine 3900 Woodland Ave. Philadelphia, PA 19102 Office: 215-823-5800 ext. Also learn how He earned most of networth at the age of 31 years old? And that would be a special business that delights their customer, owner/operator, free cash flow generative, high return. You know, I've been a shareholder of Google, now Alphabet, since the IPO in 2004. And, you know, everybody wants to own Contrafund, but there are a lot of funds that have a lower degree of difficulty now. Will Danoff, manager of the $230 billion Fidelity Contrafund, told Bloomberg that there's a "demographic issue" for mutual funds: Gen Z is not . 269. So, Fidelity can monitor virtually every public company in the U.S. We can monitor every industry in the world. If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Permanent link Contrafund currently is heavily invested in technology. And then there is the incomparable Will Danoff, manager of Fidelity Contrafund (symbol FCNTX ), a member of the Kiplinger 25. And that often is hard for managements that have done so well. But there's no denying this fund is enormous, which means buying small, fast-growing companies won't do it much good. William Danoff was born on 1960. Order: Nymphaeales. But at the time, people weren't paying attention to airlines and Europe was sort of a no growth, low growth space. ! We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. And I said, I have to go to this presentation. This article about an American businessperson born in the 1950s is a stub. Why is that one trading at such a discount to the group? 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